Travelers 2014 Annual Report Download - page 236

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
and a postretirement health and life insurance benefit plan for employees satisfying certain age and service requirements and for certain retirees.
Obligations and Funded Status
The following tables summarize the funded status, obligations and amounts recognized in the consolidated balance sheet for the Company's
benefit plans. The Company uses a December 31 measurement date for its pension and postretirement benefit plans.
235
Qualified
Domestic Pension
Plan
Nonqualified
and Foreign
Pension Plans
Total
(at and for the year ended December 31, in millions)
2014
2013
2014
2013
2014
2013
Change in projected benefit obligation:
Benefit obligation at beginning of year
$
2,908
$
3,055
$
209
$
206
$
3,117
$
3,261
Benefits earned
104
112
6
6
110
118
Interest cost on benefit obligation
140
124
10
8
150
132
Actuarial loss (gain)
428
(243
)
29
(19
)
457
(262
)
Benefits paid
(187
)
(140
)
(11
)
(9
)
(198
)
(149
)
Plan amendments
(8
)
—
—
—
( 8
)
—
Curtailment
—
—
( 3
)
—
( 3
)
—
Settlement
—
—
( 6
)
—
( 6
)
—
Foreign currency exchange rate change
—
—
( 7
)
2
(7
)
2
Acquisition
—
—
—
15
—
15
Benefit obligation at end of year
$
3,385
$
2,908
$
227
$
209
$
3,612
$
3,117
Change in plan assets:
Fair value of plan assets at beginning of
year
$
3,074
$
2,761
$
129
$
98
$
3,203
$
2,859
Actual return on plan assets
148
453
11
12
159
465
Company contributions
200
—
7
6
207
6
Benefits paid
(187
)
(140
)
(11
)
(9
)
(198
)
(149
)
Foreign currency exchange rate change
—
—
( 8
)
2
(8
)
2
Settlement
—
—
( 6
)
—
( 6
)
—
Acquisition
—
—
—
20
—
20
Fair value of plan assets at end of year
3,235
3,074
122
129
3,357
3,203
Funded status of plan at end of year
$
(150
)
$
166
$
(105
)
$
(80
)
$
(255
)
$
86
Amounts recognized in the consolidated
balance sheet consist of:
Accrued over - funded benefit plan assets
$
—
$
176
$
6
$
10
$
6
$
186
Accrued under - funded benefit plan
liabilities
(150
)
(10
)
(111
)
(90
)
(261
)
(100
)
Total
$
(150
)
$
166
$
(105
)
$
(80
)
$
(255
)
$
86
Amounts recognized in accumulated
other comprehensive income consist
of:
Net actuarial loss
$
1,132
$
704
$
53
$
34
$
1,185
$
738
Prior service benefit
(8
)
—
—
—
( 8
)
—
Total
$
1,124
$
704
$
53
$
34
$
1,177
$
738